"Traditional satcom players are struggling due to competitive pressure from Starlink and are shifting their focus towards mergers and multi-orbit service offerings."
This report provides financial data for major satellite communications (satcom) operators. Our metric-based analysis compares operators' performance and allows for competitive ranking across the industry.
Report overview
Financial analysis of reports from 14 major satellite operators, including global and regional fixed satellite service (FSS) players, as well as mobile satellite services (MSS) providers
Reported and calculated financial metrics for the operators covered for the past 6 years
Financial data as reported, in original currencies and financial periods, as well as converted calendar-year figures in US dollars for easy comparison
Analysis of the state of the satellite industry in 2024, including the most significant changes in operator performance
Strategic recommendations for satellite operators in response to current and anticipated financial trends
Coverage
Absolute metrics
Revenue
(Adjusted) EBITDA
Backlog
Capex
Free cash flow
Operating cash flow
Operating income (EBIT)
Net cash for investing activities
Net interest expense
Total and net debt
Cash and cash equivalents
Average total assets
Current liabilities
Comparative metrics
(Adjusted) EBITDA margin
Backlog/revenue ratio
Capex/revenue ratio
Cash conversion ratio
Net debt/(adjusted) EBITDA ratio
Times interest earned
Turnover ratio
Return on capital employed (ROCE)
Operator coverage
Global:
EchoStar (Hughes)
Eutelsat
Intelsat
SES
Telesat
Visat
Regional:
APT Satellite
Hispasat
SKY Perfect JSAT
Spacecom
Space42 (Yahsat)
Thaicom
MSS:
Globalstar
Iridium
Questions answered in this report
How did the satcom operators analysed in this report perform financially in 2024?
How do these operators compare with one another and the wider industry?
Who should read this report
This report is suitable for anyone assessing the financial condition of reporting satcom operators or interested in the financial health of the satcom market. This includes:
satellite operators, service integrators, investors and advisers, industry and innovation agencies and sovereign funds looking to understand the satcom competitive landscape
satellite manufacturers and launch providers looking to shape their strategies in response to shifting demand in the satcom market
financial, competitive intelligence and business strategy teams with satcom and connectivity interests.
